Palatine backs Icelolly MBO

The buyout will enable the business to invest in its online network and infrastructure. Palatine invested via its £150m second fund, closed in June 2013. Growth plans for the firm include the development of website functionality and content, as well as a move to new offices.

Chris Allen, former CEO and chairman of LateRooms, has joined the firm as non-executive chairman. The company's founders Adrian Walton and Lesley Etienne both exited the firm as part of the transaction.

Company
Founded in 2005 and based in Bradford, Icelolly is a holiday price comparison provider. The firm's website offers around 40 million holiday packages from more than 50 UK-based tour operators. The company also trades online as a travel agent through several brands.

Icelolly is said to have experienced year-on-year growth since its foundation. Last year, the website recorded 28 million visitors.

People
Palatine partner Andy Lees and investment director Beth Houghton led the deal. Both joined the Icelolly board as non-executive directors.

Advisers
Equity – Altium, Simon Lord, Chris Hopwood, Jon stead (Corporate finance); Sempora (Commercial due diligence); Dow Schofield Watts Transaction Services (Financial due diligence); Pinsent Masons, Gregg Davison, Andy Phillips, Sarah Flinn (Legal); The Quinn Partnership (Other due diligence); Marsh (Insurance due diligence).
Vendors – MSA Law (Tax); Hilton Legal (Legal).

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• United Kingdom
• Palatine Private Equity